LLC’s from state to state

If you are considering the formation of an LLC, you may think just because you live in Florida, you need to establish your business entity here. Well, you’d be wrong. You are completely within your rights to explore other states where a limited liability corporation might be a better fit.  Wyoming, Nevada and Delaware all aggressively compete for new corporations – allowing you to “shop around”. Let’s take them one at a time:  Wyoming is a well know tax and asset protection haven. Wyoming’s anonymous llc enjoys debtor- friendly, anti-creditor laws. The state also has one of the lowest annual fees of only $50 per year. A Wyoming company is often combined with a Wyoming trust for additional protection.  Nevada is Wyoming’s biggest competitor for llc’s. Its law was written to mirror the protections available in Wyoming. Those protections, along with a successful ad campaign raised the state’s profile. Unfortunately, the success has lead to Nevada continually raising fees to profit off its name.  Delaware has an allure because of the fortune 500 companies that call the state home. Large corporations have good reasons for doing business in Delaware. *However, what makes sense for a multinational company, does not translate into a wise decision for smaller business owners. Significantly higher start-up fees are just one reason.  There are a lot of options, so if you need help navigating the formation of an LLC call Paul Burkhart today at 561 880 0155.